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wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
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Dec 10, 2013
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just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
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adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct? >> first, thanks for having me. what i worked on was initial statutory language, which was a page and a half long. adam: and now it is 900 pages. explain to me, somebody who is not a lawyer, what this means for the average guy on the street. and m i protected as a u.s. taxpayer from what had been a concern of mr. volcker from banks gamble and with money because they could be bailed out by us? >> first of all all banks engage in taking risks. so you will never eliminate risk from the system. the idea there will never be too big to fail
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct?...
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Dec 11, 2013
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how did the volcker rule impact earnings? let's just say that not only will it not impact earnings beyond maybe a penny per share, as people in the structure set up to comply, and that's already been taken. the banks might see a major windfall to not necessarily their earnings, but to their price to earnings multiples on those earnings. i think this rule could send them up. maybe even dramatically as we saw from the nascent rally in the group that we got just today. why? because the single biggest valuation since the great recession is what happened to jp morgan with the london whale incident. it's a lack of insight incident that cost them about one-third of their value. investors decided this group itself is filled with unregulated gunslingers who aren't reigned in by anyone, because if the gun slingers make billions in proprietary trading, then the bonuses will be fabulous, and if they lose a ton of money, they still won't lose their jobs. they can just blame the direction of the market and the shareholders are the ones tha
how did the volcker rule impact earnings? let's just say that not only will it not impact earnings beyond maybe a penny per share, as people in the structure set up to comply, and that's already been taken. the banks might see a major windfall to not necessarily their earnings, but to their price to earnings multiples on those earnings. i think this rule could send them up. maybe even dramatically as we saw from the nascent rally in the group that we got just today. why? because the single...
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today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the leader of cuba lead to something bigger in economic relations between the two countries? we will talk about that and more as we get going on markets now. ♪ good to have you with us on markets now and we have a lot coming up. we have big issues in a few minutes, we start with stocks and the markets pulling back a little bit from record highs that were set yesterday hanging above 16,000 on the dow. nicole petallides on the floor of the stock exchange. nicole: the dow jones industrials pulling back, 16,008 holding at 16,000 mark to the s&p holding 18 under market, a record close for the s&p 500, down two
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the...
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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he conquered it. he conquered it and did it the old-fashioned way. he removed money supply, raised interest rates and was successful and frankly that set the tone to 25 years of prose peerty. >> elan, weigh in on that. do you agree or give the nod to mr. greenspan or bernanke. >> one thing that is forgotten about paul volcker how much political and public opposition he faced to his policies at the time. you got to remember, there were farmers actually blocking the front entrance of the federal reserve at the time with their tractors to protest the interest rate increases. so the level of public outcry at the
larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he...
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secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
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volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme weather -- when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge differenc
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one....
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regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to discuss this find out whether this will make our financials any safer, donald linson, and joining us from washington dc parts of thensform legislation. with its effects on wall street, daniel alpert. atounding managing partner lamson capital. rule?s in the volcker what is it all about? >> you have a very nice summary. thank you for having me. things.two it tries to restrict proprietary trading and investments in hedge funds, and it takes 950 pages to do it. >> if it takes 950 pages to do it, can you explain exactly why it takes so many pages to put ofether the details somet
regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to...
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wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
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the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not have the same legal status as other countries. those and china can use the currency as long as individual take on the risk themselves. china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for a four g network in the clearing the way for china mobile to eventually offer the iphone in the country. southwest gains from the american airlines-u.s. airways flight-- it will gain slots according to the terms of the antitrust settlement. southwest and virgin are said to pick up 34 daily land
the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not...
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what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the ones who say those restrictions are powerful enough to produce cost. within thely analysis, and the sophisticated analysis, title one and type two, what most of our viewers would say is, yes, but we are not in a vacuum of manhattan, we are not in the vacuum of vacuum of, not in the the united states. we are doing it in a complex global system. volcker rule the succeed if not in the united states? on the other hand, if it generally creates an increment to the stability of the financial markets that are so liquid and deep here, it may turn into a competitive advantage, tom. the 1930s,ngton of ben bernanke, our chai
what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the...
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- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make sure the banks and big financial institutions do not trade against clients. it is one thing to provide liquidity and another thing to trade against clients. perhaps before the regulation came and we had gotten too carried away. >> brinks were -- things were known to have done that. you mentioned hedge funds, more money going into there, where specifically do you see opportunities? >> as i said, i think certain hedge funds provide great risk opportunities. i have told you before, we like japan. it has been one of our biggest positions for the year and has turnout deceptively well
- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make...
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volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francine blackwell. -- francine lacqua. let's get you some company news. blackstone is expected to price its hilton hotels ipo later today. it is the biggest hotel ipo on record. foxconn is launching an investment fund to finance wearable technology startups. foxconn is the maker of apple's iphones and ipods but it wants to expand beyond manufacturing as phone sales challenge the company's goals of 15% annual revenue growth. lloyds banking group has been fined 28 billion pounds by the u.k. financial conduct authority. the fine is for serious failing to c
volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i...
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volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the effect on people, this is what is going through my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe, and you look at the number of indices -- let's take maternal mortality -- in those cases, over 480 women die each year out of 100,000. when you look at countries where less than 30% of the people say they had to pay a bribe in the last year, 57 women died. if you take it down further, then it is about 10 out of 100 women. you could do the same with water and all the indices you're talking about.
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the...
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when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law they made yesterday, change it because of the crisis last time. we don't want to get the. the question is, if this is the earthquake or not, the book, this is not an earthquake. this is not a natural disaster but this is something that can do a huge amount to avoid and prevent. and while you do that also get a better, safer system, less bloated with subsidy system. just about everything you can think about is good. hardly anything to think about is bad unless you're a banker. >> we have been talking with anat admati who's a professor of finance and economics at the graduate school of business here
when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law...
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he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only will they not be able to engage in proprietary trading , they will also have to incur significant compliance costs such as reporting metrics to the supporting aalso belts and suspenders internal compliance regime. >> the rule is 920 pages long. exemptions several that allow banks to continue proprietary trading in some instances. does that mean the rule will not completely limit excessive risk- taking? the rule for proprietary trading is a difficult thing to do. the reason is because it is difficult to distinguish proprietary trading from the types of transacting that are good for
he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only...
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volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those cases, over 480 women die each year out of a hundred thousand. in countries where less than 30% of people said they had to pay a bribe, less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people, it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those...
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david: we have breaking news concerning the volcker rule. a lot of what is in the volcker rule is coming out. we have a preview. forgive me looking at my computer. the volcker rule will bar compensation arrangements that reward proprietary trading. a lot of question as to what that is. also for rin banks who have operations in the united states will be affected. there have been some question about banks like hsbc for example. it will affect their operations in the united states and that could lead to a lot of changes in terms of what kind of operations they have here. also the rule requires ongoing review of hedges to insure compliance of the a lot of details are beginning to come out now what the volcker rule is. of course there still remain a lot of questions about things like proprietary trading and what is, and what is not. we'll wait and see tomorrow once we go through the details as to whether they are addressed. just about two weeks from christmas and decking of the halls has already begun. how much are you willing to pay for a christ
david: we have breaking news concerning the volcker rule. a lot of what is in the volcker rule is coming out. we have a preview. forgive me looking at my computer. the volcker rule will bar compensation arrangements that reward proprietary trading. a lot of question as to what that is. also for rin banks who have operations in the united states will be affected. there have been some question about banks like hsbc for example. it will affect their operations in the united states and that could...
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and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar skyrocketed. 100% in the past two months. >> bond yields rising again on the back of the economic data. the yield on a ten year treasury inviolable in three month, better than expected gdp jobless claims leading some to think the federal reserve could start winding down of program, a key factor in the decision for the jobs report, the last before the fed next meeting and ben bernanke's last recovery. cheryl: he hands over the baton to janet yellen. this is happening today. fast-food workers across the country going on wyatt, 15 our -- $15 an hour wage. a live report coming up. adam: 9-5, 24/7, co-founder traded in a corpor
and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar...
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but the volcker rule will stop the banks from having a troublesome duplexes a that that for themselves in the customers sometimes they cross we know what happens then the basics will live in the customers will lose and it will slow down the excessive speculation the we have seemed. of course, we have to be concerned about liquidity in speculation but not the excess that can do things push oil prices around. lou: ao consummate interest in italy seems that your own and achieves priority. great to have you with us you have announced your resignation but we wish you the best as we wait to hear the next chapter. merry christmas. lou: and our panel of talk show host will join us and you concede that tension rising. stay with us. >> fracturing -- factious in every and any but the fact that circle will have on the that circle will have on the nuclear deal. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any o
but the volcker rule will stop the banks from having a troublesome duplexes a that that for themselves in the customers sometimes they cross we know what happens then the basics will live in the customers will lose and it will slow down the excessive speculation the we have seemed. of course, we have to be concerned about liquidity in speculation but not the excess that can do things push oil prices around. lou: ao consummate interest in italy seems that your own and achieves priority. great to...
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Dec 11, 2013
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the final version of the volcker rule was passed that no one is complaining. we continue our conversation with the former chair and ceo of wells fargo. is it possible to have a win win win? the banks, the anti-bank activists, and the regulators seemed pleased with the way the parole or rule turned out. rulee way the volcker turned out. >> the details have to be worked out but the framework seems to be reasonable. are two overarching truths that we must be sure that we understand. the first one is that there is no evidence that proprietary trading either caused or even contributed to the financial crisis and that has not been portrayed that way. the value that banks , businesses,conomy and consumers is taking risks. we add no value unless we take risks. there is a perception out there that we should be eliminating the risks and banks. if he did that, he would not perform the duty. the businesses will grow, consumers can get loans. -- volckerl rule rules not made for your kind of bank. they took the approach that the best hedge against bad credit was good underw
the final version of the volcker rule was passed that no one is complaining. we continue our conversation with the former chair and ceo of wells fargo. is it possible to have a win win win? the banks, the anti-bank activists, and the regulators seemed pleased with the way the parole or rule turned out. rulee way the volcker turned out. >> the details have to be worked out but the framework seems to be reasonable. are two overarching truths that we must be sure that we understand. the...
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see under the volcker rule banks will still be able to hide behind something called market making which is when a bank buys and sells securities like stocks and bonds on behalf of clients the rule as it's written now leaves an enormous gray area in determining what is proprietary trading and what's market market making rather furthermore one of the most egregious parts of the law makes banks managers themselves responsible for testing but their banks are complying with the rules absolutely genius because banks policing themselves worked out so well for the american people back in two thousand and eight so while i applaud the attempt at reform here let's not forget that we're living in a corporatocracy and as long as corporations ultimately dictate these laws i'll be breaking the set. it was. very hard to take that. i never had sex with their.
see under the volcker rule banks will still be able to hide behind something called market making which is when a bank buys and sells securities like stocks and bonds on behalf of clients the rule as it's written now leaves an enormous gray area in determining what is proprietary trading and what's market market making rather furthermore one of the most egregious parts of the law makes banks managers themselves responsible for testing but their banks are complying with the rules absolutely...
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Dec 5, 2013
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that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk. not their entire portfolio. the speech on regulation here in washington signaling. risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading that like the london whale with mitigating hedges. it puts in place strong compliance requirements in charge of financial institutions to make sure that the tone at the top sends the right signal to the whole firm. >> the reference to the london whale significant because it was trying a portfolio hedge. the bottom line is that it will not
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk....
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Dec 10, 2013
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moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you have so many drivers driving so many miles it potentially adds up to savings for u.p.s. this company has been working on orion for more than a decade and basically the u.p.s. softwarer ining came up with a algorithm that works with the physics of the driving right. >> this is the orion, the algorithm that makes u.p.s. tick. >> algorithm isn't something you expect to hear. but orion is changing the delivery. >> we're the trucking company that had the technology. the truth is we're a technology company that has trucks. >> orion is a program 1
moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you...
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Dec 12, 2013
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lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of what is, you know, market-making activities, narrow definitions of how the balance sheet will be used to invest and most importantly narrow definitions of hedging, then basically if they do that, they can hurt the banks quite a bit. but there's no indication that they want to do that. so the net effect is i don't think the volcker rule is going to be terribly harmful to the industry, and i think that you really start to have to -- you really have to start thinking about how does it affect the people who do business the banks. in other words, how does it affect the price of bread? i
lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of...
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sponsored by wall street to not sweep the deal with some nice perks for the banks turds see under the volcker rule banks will still be able to hide behind something called the market may.
sponsored by wall street to not sweep the deal with some nice perks for the banks turds see under the volcker rule banks will still be able to hide behind something called the market may.
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Dec 16, 2013
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>> there's paul volcker speaking. we have an unusual gathering of all the living former fed chairman, volcker, greenspan and bernanke in the same room. no cake on the table, i noticed for this celebration on the birthday. ben bernanke is going to make some remarks and say that the fed going to defend the fed's policy actions over the last five years over his tenure saying the fed operated traditional way using new methods to fulfill its tradition of providing liquidity. bernanke and greenspan, and the richmond fed president between them and volcker probably making a couple joke. three fed chairman guys from three eras. volcker fighting inflation, greenspan kind of riding over the crest of a series of waves including the tech bubble, but also moderate growth and declining inflation, bernanke's era marked by fighting the financial crisis and some instances deflation. >> any way to read into their faces on whether or not we are going to get a taper on wednesday, steve? a briefcase indicator perhaps? >> no. but my guess i
>> there's paul volcker speaking. we have an unusual gathering of all the living former fed chairman, volcker, greenspan and bernanke in the same room. no cake on the table, i noticed for this celebration on the birthday. ben bernanke is going to make some remarks and say that the fed going to defend the fed's policy actions over the last five years over his tenure saying the fed operated traditional way using new methods to fulfill its tradition of providing liquidity. bernanke and...
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Dec 14, 2013
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>> the volcker rule in a sense is banks are not allowed to gamble with your paycheck. we don't need the volcker rule with 900 pages if we go back to glass/steagall which says if you want to be in the business of underwriting stocks and proprietary trading, make all the money you can but you're not in the bank business. >> bipartisanship instead of the dismantling of glass/steagall. larry summers, the clinton administration, republicans, hard to reassemble that. >> this gets to the heart of it, too, because the volcker rule was put in to dodd/frank and then it took three years of unbelievable negotiation, hundreds of meet, the lobbyists flooded clip. the fact of the matter is when you analyze is volcker rule as it's written in this big package, it's pretty good, but there are loopholes, areas that are weak, and the fact is we're not done and the dangerous thing in enacting a volcker rule is [ inaudible ]. the reality is we haven't restored glass/steagall so that firm line is not there. also the fact is sharon brown, senator from ohio, and david vitter, senator from loui
>> the volcker rule in a sense is banks are not allowed to gamble with your paycheck. we don't need the volcker rule with 900 pages if we go back to glass/steagall which says if you want to be in the business of underwriting stocks and proprietary trading, make all the money you can but you're not in the bank business. >> bipartisanship instead of the dismantling of glass/steagall. larry summers, the clinton administration, republicans, hard to reassemble that. >> this gets to...
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Dec 10, 2013
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the volcker rule in place. replacing one uncertainty the bigger when igs this going to happen, is it going to happen with the smaller uncertainties, 800 pages with what does this mean for banking, lending, the macro economy. now don't get too excited about this either. mortgage debt rising, diana olick our ace housing reporter points out that's because of fewer foreclosures out there. that means that. but still normalizing and flat and not declining anymore. government out of gm. call this the tail bone of t.a.r.p., the vestige that was out there. that's progress that is done and out of the way. europe stabilizing. this much growth. but it was two quarters of growth and we haven't seen two quarters back-to-back growth in europe since 2011. >> and the china data supportive of a europe stabilizing that story. >> that's key to watch that. if we could get the economies around the world, the big ones firing on all cylinders that could be a game changer and you have as we reported earlier this week, rising household
the volcker rule in place. replacing one uncertainty the bigger when igs this going to happen, is it going to happen with the smaller uncertainties, 800 pages with what does this mean for banking, lending, the macro economy. now don't get too excited about this either. mortgage debt rising, diana olick our ace housing reporter points out that's because of fewer foreclosures out there. that means that. but still normalizing and flat and not declining anymore. government out of gm. call this the...
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Dec 29, 2013
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result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us today. [applause] right from the start, i would like to make clear why fighting corruption is a critical priority for me personally and for the entire world bank group. every dollar that a corrupt official or business person puts in their pocket is $8 stolen from a pregnant woman who needs health care, or from a girl or boy who deserves an education, or communities need water, roads, schools. every dollar is critical if we are to reach our goals to end extreme poverty by 2030 and boost shared prosperity. let's not mince words. in the developing world, corruption is public enemy number one. i pledged to do all
result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us...
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Dec 10, 2013
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the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another bailout of wall street. another cataclysm or near cataclysm that affects everybody. >> and jared, let me put up one thing from something you were working on, looking at basically this growth in the stock market and how it's totally outpacing regular gdp. 70% up in the stock market at s&p 500. a lot bigger than other indicators that affect main street. why are you concerned about that? >> it gets to what secretary risch was just talking about. if we have another financial bubble, and, by the way, it is precisely that that's brought down the last two busines
the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another...
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Dec 27, 2013
12/13
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volcker rule says banks that enjoy fdic insurance don't get to gamble anymore. if they want to do trades, they have to do so on behalf of their clients and they don't get just a buy something because they think it will skyrocket in price in the future. the logic behind it was, a lot of these angst, citigroup one of them, merrill lynch another, bought up a lot of these mortgage-backed securities and other mortgage-derivative products and essentially sought on to -- held onto them because they thought they would go up. they ended up losing a ton of money. they sold a lot of them that up beinghey ended fraudulent. the basic idea is, look, if you're going to have taxpayer backing at the end of the day, sdi insurance, you should not get to gamble, and that is what rule is about. lobby it. try to one of the exceptions is, you cannot own a hedge fund if you're wall street bank or private equity fund because you could just gamble through that hedge fund, so they put a three percent cap on the amount of a hedge fund or amount of a private equity fund you could own. but t
volcker rule says banks that enjoy fdic insurance don't get to gamble anymore. if they want to do trades, they have to do so on behalf of their clients and they don't get just a buy something because they think it will skyrocket in price in the future. the logic behind it was, a lot of these angst, citigroup one of them, merrill lynch another, bought up a lot of these mortgage-backed securities and other mortgage-derivative products and essentially sought on to -- held onto them because they...
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Dec 12, 2013
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i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit of time. five to seven to 10% pullback. so much cash is at sidelines f it has to come down because people worried about the fed tapering only because the fed thinks the economy is stronger. david: ron, specifically on the financials, stay on financials for a second, we can even more specific on that. because you like jpmorgan which is getting left ways and sideways and right ways by all kinds of folks including the sec, the treasury department. why would you go for financials, particularly jpmorgan despite all the regulars against it right now? -- regs. >> which checked. i was on 26th o
i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit...
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Dec 11, 2013
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>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it looks like this is a more constructive rule than the version that came out a couple years ago. lori: are any participants worried about their profitability being sliced? >> many of our companies had already vacated the proprietary trading space and there are trade-offs involved. if you have less trade off there will be less demand in the marketplace, that the economic effect, the cost of compliance will be shifted somewhere. international competitors don't have this rule so it could put american institutions that competitive disadvantage globally. all that being sa
>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it...
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Dec 10, 2013
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fed, securities and exchange commission among those voting to approve volcker rule. kate kelly in the middle of the action in washington. what's the early read? >> reporter: i think it's a two-fold read. honestly, the top line is that the banks got less of a blow than they might have been expecting. they're not saying mp about it today. i've talked to a number of traders and bank managers who are keeping largely mum, saying they're going through it. although there have been some jokes about the length of the overview, which is 900 pages, although the rule itself is 70. having said all that, the banks have been subjected now to a pretty broad definition of proprietary or prohibited trading. yet there are a number of loopholes that will allow them to continue doing business as usual, involving underwriting, market making activities on behalf of clients, involvement of government trading. that's a huge win for them. on the more headache side of the ledger, a much more rigorous sort of compliance and paperwork regime they'll be dealing with when this is coming into effec
fed, securities and exchange commission among those voting to approve volcker rule. kate kelly in the middle of the action in washington. what's the early read? >> reporter: i think it's a two-fold read. honestly, the top line is that the banks got less of a blow than they might have been expecting. they're not saying mp about it today. i've talked to a number of traders and bank managers who are keeping largely mum, saying they're going through it. although there have been some jokes...
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Dec 3, 2013
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the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the commercial banking activities where you have some federal backing. now the rule after many years of wrangling is fairly about to come out. been threerule has years in the making. what has been taking it so long? guest: a number of things. it is very complicated. it sounds simple, but actually putting it in place has proved to be a creaky lay in task -- huge task. you also have five federal regulators involved in writing the rule, which was another decision that congress made because they wanted to make sure that there were bank regulators involved. the fe
the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the...
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Dec 20, 2013
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vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme whether. -- weather -- [indiscernible] when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge deference -- difference in term
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years,...
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Dec 10, 2013
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. >>> the other big news of the morning, the volcker rule. regulators are about to sign off on the volcker rule after five years. kate kelly joins us now with this story which has been a long time in the making. >> good morning to you, andrew. it's been three years since the dodd frank rule was passed, 3 1/2 and a lot over 2 years as we saw a publicly available position on this volcker rule. based on the leaks we're hearing about the big this morning within one, is there's this sort of ban on portfolio hedging. in other words, you can't make the vague assertions about the positions taking on offsetting whatever you're exposed to as a bank however reasonable ta may seem. these hedges have to be tied to quote/unquote reasonable, identifiable sets of risks. in addition, they also have to justify the positions they're taking as being needed by clients that they reasonably expect clients to need these things, either to buy them or sell them, obviously, in the near future. ceos will be expected to attest to the fact that they have compliance progra
. >>> the other big news of the morning, the volcker rule. regulators are about to sign off on the volcker rule after five years. kate kelly joins us now with this story which has been a long time in the making. >> good morning to you, andrew. it's been three years since the dodd frank rule was passed, 3 1/2 and a lot over 2 years as we saw a publicly available position on this volcker rule. based on the leaks we're hearing about the big this morning within one, is there's this...
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as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get rid of proprietary trading, banks taking risk with their own capital. if you read the interpretation that has been out there, you can't make markets. and if you can't make markets, then goldman sachs will cease to exist. that's why they're worried. and depending on how they can make those markets, goldman sachs is in a lot of trouble. now, here's the difference, jpmorgan doesn't have to take the risk that goldman sachs. liz: goldman has investment banking business, they've got a myriad of business, charlie. >> i know. and can that's a good point. but m m&a is
as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get...
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Dec 10, 2013
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let's start with the volcker rule. >> what is it. >> banks were allowed to do something called proprior tear trading to basically -- >> with their own money. >> uses their own money to make bets, shares on the stock market. derivatives what they are allowed to do to make basically what is called market making. and this is something that regulators are attacking. >> why was that a problem? it is their own money. >> but it also causes losses which impact the banks overall earning. >> okay. >> which is a big risk. >> you can't play with government money. >> no. and the volcker rule comes as part of a dodd frank provision, and of course what it states is that trying to put abandon trading. it is going to hurt, small business lending? it is going to hurt the jobs market. to some extent. >> i believe that. i think a lot of banks have already shut down the trading arms. i think j.p. nor ban needs to challenge it. i other banks are taking heed to this. so i think some will be effected. commercial banks don't even acknowledge this. >> what are your thoughts on g.m.'s move today? mara barra as th
let's start with the volcker rule. >> what is it. >> banks were allowed to do something called proprior tear trading to basically -- >> with their own money. >> uses their own money to make bets, shares on the stock market. derivatives what they are allowed to do to make basically what is called market making. and this is something that regulators are attacking. >> why was that a problem? it is their own money. >> but it also causes losses which impact the...
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obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of the banks have been well-positioned, dispelling what they're doing right now and i think if you look at the various banking institutions, to understand the regulatory environment, and they are all operating and very close coordination one would presume. i concentrate on our clients. liz: back when they were running it, you did not pass the stress test. flying colors, straight a's with a lot of realms recently, seems to be a very high quality leader, you guys are huge. millions of client accounts, you land in moscow and citibank branch. it must be great to be part of a company succeeding in shareholde
obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of...
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Dec 6, 2013
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following an issue a lot of financial executives such as yourself are looking at and it regards the volcker rule. >> tuesday regulators are expected to approve a final draft which limits how banks can trade their money. the linchpin of this newest draft something called ceo certification. this means if a bank's trades break the law senior management takes the blame. jack lew said the right, quote, tone at the top creates a culture of compliance. it's not the first time regulation is put in executive on the hook. the exchanges require managers of broker dealers to attest they have the appropriate trading supervision. sarbanes-oxley requires management to submit an end of-year report certifying the company's financials. the sec settled with fifth third over faulty accounting on commercial real estate loans. the settlement named dan poston because he signed that certification. neither admitted or denied wrong doing and poston is still employed at fifth third but the question is a lot of executives i talked to say having this hierarchy in the volcker rule is unfair because they can't know every
following an issue a lot of financial executives such as yourself are looking at and it regards the volcker rule. >> tuesday regulators are expected to approve a final draft which limits how banks can trade their money. the linchpin of this newest draft something called ceo certification. this means if a bank's trades break the law senior management takes the blame. jack lew said the right, quote, tone at the top creates a culture of compliance. it's not the first time regulation is put...
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Dec 12, 2013
12/13
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BLOOMBERG
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who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was originally constructed, was an impediment to the liquidity of our markets, and therefore was actually anti-competitive for the u.s. >> will there be fewer jobs in the united states, or is it a distinction that a major firm, lazard or evercore, says that team of people, we love them in london? >> first of all, we don't do any of these -- >> i understand. >> first of all, it is probably going to add jobs in the financial services industry because you are going to have so many checkers and complaints people -- >> mr. dimon has confronted this already. >> i
who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was...
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Dec 10, 2013
12/13
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ALJAZAM
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today's approval of the volcker rule will prevent another meltdown. >>> general motors named mary bara giving her the honor of being first female ceo of any auto company. she'll replace daniel ackerson next month. i'm tony harris in new york city, "inside story" is next on al jazeera america. >> amiddlesbrough thamidst the a tribute, the story of apartheid on "inside story." >> hello, i'm ray suarez. the world said goodbye and thank you to nelson mandela in an emotional memorial service in a stadium in johannesburg. southern africa, home to some of the most important mineral deposits were racked by civil war pitting sides against each other. murdering political opponents at home and in exile. what south africa follow angola and mozambique in civil war with its large population and decades of bitterness, it created the potential of being the most dangerous of all. on this edition of "inside story" we'll be discussing nelson mandela and the process of negotiation that kept south africa from tearing each other apart. dignitaries, family, friends, and south africans of all color, thousands
today's approval of the volcker rule will prevent another meltdown. >>> general motors named mary bara giving her the honor of being first female ceo of any auto company. she'll replace daniel ackerson next month. i'm tony harris in new york city, "inside story" is next on al jazeera america. >> amiddlesbrough thamidst the a tribute, the story of apartheid on "inside story." >> hello, i'm ray suarez. the world said goodbye and thank you to nelson mandela...
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Dec 31, 2013
12/13
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FBC
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market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles: coming up next, carl ichan versus apple. >> the stocks have fallen and have backed down the 550. it has already had a humongous run. >> i want to stop moving higher because they have the products coming out. >> i guess there was a time i mean, people don't use that term anymore. but you take a position and then you do what they want them to do and has nothing to do with fundamentally restructuring a company. >> there our company is in there are no way for them to return this. and it sounds like they might have this at their disposal. >> yes, google is rolling out internet services and it could be by a cellula
market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles:...
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Dec 17, 2013
12/13
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CSPAN2
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on tuesday the volcker rule, centerpiece of these reforms was finalized. this is strong and comprehensive. it will change behavior and practice across the financial system to safeguard taxpayers' from risks created by proprietary trading and investment in private equity funds. fulfills the president's vision and the statute's intent by setting tough workable restrictions while continuing to allow banks to reform a central market functions. as we move forward with our international agenda in 2014 we will work with the g 20 and the financial stability board to promote consistent implementation of high quality education. we will focus on advancing vigorous implementation of basel iii an assessor across borders and high quality capital standards. we will also focus on strengthening arrangements for cross border large complex tend institutions, promotes with the implementation of conversion requirements for over-the-counter derivatives markets and develop a road map to address risks posed by shadow banking. we also have been at the forefront of efforts to use f
on tuesday the volcker rule, centerpiece of these reforms was finalized. this is strong and comprehensive. it will change behavior and practice across the financial system to safeguard taxpayers' from risks created by proprietary trading and investment in private equity funds. fulfills the president's vision and the statute's intent by setting tough workable restrictions while continuing to allow banks to reform a central market functions. as we move forward with our international agenda in...